MAY LABOR MARKET PRESS RELEASE For Immediate Release June 13, 2018 Nevada s Job Growth in May Holds at 2.8% while Unemployment Dips to 4.8% CARSON CITY, NV According to the state Department of Employment, Training and Rehabilitation s (DETR) May 2018 economic report, overall job growth remains near 40,000 jobs per month year-over-year, and job growth was 2.8 percent, well above the national rate of 1.6 percent. The state s unemployment rate decreased by 0.1 percent to 4.8 percent, the lowest level since October 2007. As we move through the second quarter of the year, it is reassuring to see continued positive employment indicators for our state, Governor Brian Sandoval said. With private employment growth leading the nation and both average wages and full-time employment at record levels, it is clear that we are on the right path. We must be persistent in our workforce development and assistance efforts, however, because that is precisely what will facilitate the Silver State s ongoing job growth. DETR s report also notes that Nevada has gradually regained lost ground over nearly seven years. Data for 2017 authenticates that Nevada has regained the title of the fastest growing private sector in the United States, with the addition of 38,600 jobs relative to 2016, a growth rate of 3.4 percent. Although this month s totals are toward the low end of our recent trend, we continue to see improvement and record highs in other facets of the state economy. Nevada s economy has now grown in 18 consecutive quarters, exceeding the national average in six consecutive quarters, said David Schmidt, Chief Economist for DETR. Additional May Economic Report Notes: Nevada added 37,600 unadjusted jobs over the year, a growth rate of 2.8 percent. Manufacturing has grown at the fastest rate in 2018 expanding by 17.3 percent year-to-date, with construction s job gains corresponding to a gain of 7.8 percent. Employment at small businesses, those with less than 100 employees, reached a new record high at 632,000, with the over-the-year gain recorded at 18,300. Average Wages are at a new record high at $955 as compared to $924 during the same period last year, an increase of $31, or 3.3 percent, year-over-year. Full Time Employment in May also saw a new high totaling 1,112,190. Nevada s unemployment rate dipped by 0.1 percent, the first decrease in nine months. May s initial claims for unemployment insurance totaled 9,800, down nearly 200 claims compared to last month.
---###--- ABOUT THE RESEARCH AND ANALYSIS BUREAU The Research and Analysis Bureau is Nevada s premier source for labor market information. A part of DETR, the Bureau is responsible for creating, analyzing, and reporting Nevada s labor market information, in cooperation with the United States Bureau of Labor Statistics (BLS). Visit us http://www.nevadaworkforce.com and Follow us on Twitter: http://www.twitter.com/nvlabormarket
RESEARCH AND ANALYSIS BUREAU BRIAN SANDOVAL GOVERNOR DON SODERBERG DIRECTOR DAVID SCHMIDT CHIEF ECONOMIST NEVADA LABOR MARKET OVERVIEW May 2018 The U.S. Bureau of Economic Analysis (BEA) recently released 2017:IVQ state gross domestic product (GDP) information, the broadest measure of economic activity. As defined by the BEA, GDP totaled over $131 billion (in 2009 dollars) in last year s fourth quarter (in current dollars, this equates to over $153 billion). While the Silver State s economy has been on the rise since 2011, the value of real economic activity, measured in inflation-adjusted terms, in the State remains slightly below pre-recession levels. Nevada s economy has now grown in 18 consecutive quarters. The Silver State s economic growth has exceeded the national average in six consecutive quarters. In 2017:IVQ, Nevada s economy grew at a 4.2 percent clip, compared to 2.4 percent in the nation as a whole. Year-over-year GDP growth in Nevada was the 5 th -strongest in the nation. GDP in the State s largest industry, accommodation/food services, increased 1.7 percent in the fourth quarter. Manufacturing saw the largest gain, at 17.3 percent. Broadbased growth was seen in most industries; with the exception of finance/insurance (down 4.5 percent), and arts/entertainment/ recreation (down 7.9 percent). Nevada Nonfarm Jobs: April - May Change Expected Seasonally Unadjusted Seasonal Adjusted Change Movement Change Total Nonfarm Jobs 6,600 7,300-700 Private Sector 5,500 6,500-1,000 Public Sector 1,100 800 300 Nevada saw a slight decline in statewide employment levels in May, losing 700 jobs (seasonally adjusted) over the month. April s employment level was also revised down slightly, bringing the two month job gain to 2,500 jobs. Based upon historical trends, 7,300 jobs were expected to be added in May, but only 6,600 (unadjusted) jobs were actually added, resulting in the seasonally-adjusted decline. The private sector lost 1,000 jobs, seasonally adjusted, while the public sector added 300. The Silver State 37,400 jobs year-over-year, a growth rate of 2.8 percent. Nationally, employment grew by just 1.6 percent over the year. This marks the 89 th straight month of year-over-year job gains in the State, and the 70 th straight month that Nevada s job growth has outpaced the nation s. The manufacturing sector has added the most jobs year-to-date, gaining 6,500 over the first five months of last year, a growth rate of 14.3 percent. Construction follows with an increase of 6,300 jobs or 7.8 percent. 500 E. Third St. Carson City, Nevada 89713 (775) 684-0450 Fax (775) 684-0342 www.nvdetr.org
annual job growth (SA) 55,000 50,000 45,000 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 0 Nevada Job Growth vs. Year Ago J J A S O N D J F M A M J J A S O N D J F M A M '16 '17 '18 jobs pct. change Education/health services, trade/transportation/utilities, and the government sector have each added 6,000 jobs so far this year. Information continues to be the only supersector seeing job losses, lagging behind last year s year-to-date average by 300. Information obtained through the Quarterly Census of Employment and Wages (QCEW) Program provides a nearly complete job count based upon quarterly wage records submitted by employers whose employees are covered under the Unemployment Insurance System. As a result, historical information is subject to minimal, if any, revisions. This data encompasses jobs in all fifty states plus the District of Columbia. Because generating this information is a time-consuming process, it is only available with a 4-5 month lag (monthly estimates, by contrast, are produced through the Current Employment Statistics, or CES, program). In the years preceding the economic downturn, Nevada led the country in private sector employment growth. Indeed, Nevada had the highest employment growth rate in the country in 2005 (6.4 percent). Conversely, during the recession, 4.5% 4.0% 3.5% 3.0% 2.5% 2.0% 1.5% 1.0% Education & Health Services Trade, Transportation, & Utilities Professional & Business Services Leisure & Hospitality Financial Activities annual percent change Nevada was the most affected state in terms of private sector employment growth. In fact, Nevada s employment growth was the lowest in the nation in 2009 (-10.1 percent) and 2010 (-2.8 percent). In essence, over the course of three years, the Silver State went from the top of the job growth rankings to the bottom. Nevada has gradually regained lost 0.5% ground over nearly seven years. 0.0% With data through the fourth quarter of 2017, Nevada has regained the title of the fastest growing private sector in the United States, with the addition of 38,600 jobs relative to 2016, a growth rate of 3.4 percent. Right behind the Silver State, in terms of growth, are Utah, Idaho, and Arizona. Mining & Logging According to QCEW information, as of 2017:IVQ, employment in Nevada s small businesses (firms with less than 100 employees) totaled 632,000. This establishes a new record high, continuing the trend beginning in 2015:IIQ. It also marks the eleventh consecutive quarter in which the pre-recessionary peak has been exceeded. The over-the-year gain recorded was 18,300. This translates to 28 consecutive quarters of Nevada Nonfarm Job Growth by Industry Manufacturing Construction Government Other Services Information -1,000 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 YTD job growth
annualized growth. Prior to the recession, small business employment peaked at nearly 586,000 in 2007:IVQ. As the downturn unfolded, small business jobs fell to a low of 510,000. Since that time, nearly 125,000 jobs have been added to small business payrolls in the Silver State, an average growth rate of almost 2.1 percent per year. Additionally, the pre-recessionary peak has been exceeded by nearly 46,000 jobs. The total number of small business establishments has grown by 6,700 since the low point of the recession, to the current level of 78,000. Weekly wages in Nevada averaged $955 during the fourth quarter of 2017. This compares to $924 during the same period last year, an increase of $31, or 3.3 percent, year-over-year. This establishes a new record high exceeding the previous, $950, set in 2016:IIIQ Wages have been trending up since 2011. Wage gains early in the recovery initially were modest. However, since 2014 gains have been relatively strong, with growth recorded in 13 of the last 16 quarters. At the height of the recession, wages declined in five of seven quarters. Since 2014, wages have increased by an average of approximately 6.2 percent. During that same time, the increase in consumer prices, or inflation, has grown at an average rate of 4.3 percent. This suggests that wages are growing in real terms, when adjusted for inflation. Among other things, the Business Employment Dynamics Program, from the Bureau of Labor Statistics (BLS), allows us to look at Nevada s relative performance as it pertains to business establishment openings. Nevada s labor market has experienced growth since bottoming out in 2010. Since then, trends in business establishment openings have seen stronger growth than in the nation as a whole. In the United States as a whole, there were 405,000 new businesses during the third quarter of 2017, up four percent from the beginning of the recovery. During the third quarter of 2017, Nevada had 4,200 new business establishments. This is up approximately one-fourth from the beginning of 2011, when the labor market first showed signs of improvement. Openings have exceeded 4,000 in each of the past six quarters, a first for this recovery. Most importantly, underlying trends in business openings show that growth has been fairly consistent over time. As with other barometers of labor market activity, these results highlight the improvement in Nevada during the post-recession period, both in absolute terms, and relative to the U.S. as a whole. The Current Employment Statistics (CES) program produces monthly estimates of nonfarm payroll employment for all 50 states and 450 metropolitan areas. These estimates are both timely and detailed, allowing us to examine trends in employment by industry. The Bureau of Labor Statistics (BLS) recently released a report showing that Nevada saw the largest increase in retail trade employment of any state between 1990 and 2018. Nevada s retail trade increased by almost 125 percent from January, 1990 through May, 2018. Nationally, retail trade employment only increased by 20 percent over the same period. Using information from the QCEW program, which produces more complete but less timely information, we can gain additional insight by examining which categories of retailers have seen the largest growth. Ten out of twelve retail subsectors saw growth over the fifteen year period from 2002 to 2017, ranging from eight percent to over ninety percent. Clothing and accessories stores saw the largest increase, almost doubling employment after adding 10,300 jobs over the period. The largest retail sector by total em-
ployment, general merchandise stores, grew by more than 30 percent. The second-largest sector, food and beverage stores, grew by over 30 percent as well. The only retail sub-sectors to see a decline in jobs from 2002 to 2017 were furniture/home furnishing stores (-11 percent, or 570 jobs) and nonstore retailers (-21 percent, or 1,470 jobs). Nonstore retailers include electronic shopping and mail-order houses, which we would have expected to grow with the rise of online shopping. However, even as the number of firms in this group has expanded from 130 to 500, employment has declined by 1,780 jobs. This may reflect structural change in the retail sector, as fewer jobs may be required due to increasing productivity, digitization, automation, or other forces. It is also important to note that related activities, such as warehousing and distribution for online retailers, would fall under separate industry codes. CES estimates are based off of a monthly survey of business establishments and provide the headline employment count reported by Nevada and other states each month. The Local Area Unemployment Statistics (LAUS) program, also sponsored by the BLS, is used primarily to estimate the unemployment rate, but also provides estimates for the number of employed persons by county and state for each month. LAUS employment is estimated using a household survey combined with unemployment insurance claims and CES data. There are a number of reasons why CES and LAUS employment estimates vary. At the most basic level, CES counts jobs, whereas LAUS counts employed persons. Thus, someone with two jobs would be counted twice by CES but only once by LAUS. Secondly, since CES is an establishment survey, employment is counted for the area where the job/establishment is located. LAUS is a household survey and counts people based on where they live. This can affect estimates in areas where a large number of workers commute from a different county, state, or metropolitan area. CES estimates would be higher in dense metros (where the majority of jobs are located), whereas LAUS estimates may be higher in suburban areas where commuting workers live. There are also significant ways in which the scope and definition of employment varies between the two surveys. CES does not count self-employed workers, while LAUS does. CES only counts non-farm employment, while LAUS includes both agricultural and non-agricultural workers. Perhaps most significantly, CES only counts employees who received pay during the pay period that includes the 12 th of the month. Any workers on unpaid leave or on strike would not be counted for that month, whereas LAUS still counts these workers as employed since they intend to return to their jobs. Examining the 1990 through 2017 period, for the majority of the time LAUS employment levels are higher than reported CES levels. This suggests that the impact of agricultural workers, self-employed persons, people who live in Nevada but work out of state, and workers on unpaid leave (which are all counted by LAUS and not by CES) is larger than the impact of multiple job holders and workers who live out of state but work in Nevada (which are counted in CES but not in LAUS). Interestingly, this dynamic has flipped in the lead-up to the past two recessions, with CES employment levels rising higher than LAUS estimates. Nationally, the past two recessions occurred in 2001 and from late 2007 to mid-2009 1. Nevada saw large GDP growth in the years leading up to these recessions, peaking at 7.5 percent in 1999 and 10.8 percent in 2004 2. In Nevada, CES employment levels surpassed LAUS levels in 1999 and 2000, and again from 2004 through 2007. 1 Hamilton, James, Dates of U.S. recessions as inferred by GDP-based recession indicator, retrieved from FRED, Federal Reserve Bank of St. Louis. 2 Real GDP in chained dollars, annual percent change, retrieved from the Bureau of Economic Analysis, www.bea.gov.
This pattern suggests that boom years alter the underlying relationship between CES and LAUS employment estimates in the State. 16% 14% Unemployment Rate: Nevada vs. U.S. Looking at annual data for 2017, CES employment averaged 96.5 percent of LAUS employment levels. This put Nevada exactly in the middle of the 49 other states plus the District of Columbia. Since the recovery began, Nevada s CES to LAUS ratio has consistently ranked near the middle of the pack. Although the scope and definition of the establishment and household surveys vary, the relationship between their employment estimates can shed some light on the dynamics of Nevada s economy. With further analysis, this could aid our understanding of the Silver State s economic strengths and weaknesses through good times and bad. After nine months with no change, the Silver State s unemployment rate finally saw movement in May after declining by 0.1 percentage point, to 4.8 percent, seasonally adjusted. May s rate is down 0.3 percentage point from the same month last year. The national rate also saw a slight decline in May, keeping the difference between the two rates steady at one percentage point. Information from the monthly Current Population Survey (CPS), sponsored by the Census Bureau and the BLS, allows for the analysis of the unemployment rate and educational attainment across various age groups in the Silver State. As of May 2018, 48.4 percent of unemployed teen and young adults (16-24 years old) have a High School diploma, 26.6 percent less than a High School diploma, 22.4 percent some college or associate degree, and 2.6 percent a Bachelor s degree or higher education. The unemployment rate tends to be higher unemployment rate (SA) 12% 10% 8% 6% 4% 2% 0% '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 Nevada U.S. for teens and young adults. However, as of May 2018, this age group has an unemployment rate of 8.7 percent, below the 2006 level of 9.5 percent and is trending down. In May 2018, 52.2 percent of people 25 to 34 years old have a High School diploma, 27 percent some college or an associate degree, 15.1 percent less than a High School diploma, and 5.6 percent a Bachelor s degree or higher education. The unemployment rate for this group is 5.3 percent in May. As of May 2018, 39.2 percent of Nevadans 35 to 44 years old have some college education or associate degree, 29.3 percent a High School diploma, 18.2 percent less than a High School diploma, and 13.3 percent a Bachelor s degree or higher education. Most of Nevadans 55 years old and over (36.7 percent), have a Bachelor s degree or higher education, 20.2 percent some college or an associate degree, 20.2 percent a High School diploma, and 9.8 percent less than a High School diploma. The age groups 35 to 44 years old and 55 years old and over, have the lowest unemployment rate in May at four percent. Information from the CPS also allows for the analysis of full time and part time employment in Nevada. Full time workers include those persons who usually work 35 hours or
more per week. Part time workers include those who typically work less than 35 hours each week. Based upon results from the Current Population Survey (CPS) available since 1994, the number of Nevadans employed full time topped out at 1,063,280 in April 2008; measured on a 12-month moving average. At this peak level, full time employment represented 81.9 percent of the total. Silver State residents employed part time numbered 235,500. 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 By January 2011, full time employment fell to 831,150, for a cyclical decline of more than 232,130 from the peak. Part time employment rose to 300,420 jobs. This resulted in an increase of 64,920 part time positions over the same period. As of May 2018, Nevadans employed full time totaled 1,112,190, representing a new all-time high. The number of Nevadans employed on a part time basis remains relatively steady, coming in at 299,210 in May. Using information from the CPS, we can examine of workers employed part time for economic reasons, sometimes called involuntary part time. The BLS defines these workers as those working less than full time (1-34 hours in a week) for reasons such as: unfavorable business conditions, inability to find full time work, and seasonal declines in demand. These workers are interested and available to work full time but have been unable to find it. Based upon results from the CPS available since 1994, the number of Nevadans employed part time for economic reasons experienced its lowest level in May 2000 reaching 19,370; measured on a 12-month moving average. By June 2011, the number of part time workers for economic reasons had risen to 105,450, as the recession took hold on the Silver State. Since that time, the number of these workers has been trending down. Initial Claims for Unemployment Insurance 0 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 claims 12-month moving average Over the past 12 months ending in May 2018, part time workers for economic reasons have averaged 54,350 in Nevada. This is a decline of 28.8 percent or 22,000 from the same period last year. It also represents a decline of 51,100 from the peak. The BLS captures part time workers for economic reasons in its Alternative Measure of Labor Underutilization U6 series. During the year ending in the first quarter 2018, U6 stood at 10.4 percent, 5.3 percentage points above the U3 series (the most similar to the official unemployment rate). Initial claims for unemployment insurance (UI) benefits totaled 9,800 in May, down two percent compared to April s reading of 10,000. Further, claims activity is down three percent year-over-year, with a decrease of just over 300 claims from last May. This continues the trend of moderate year-overyear declines in each month of 2018 so far. These trends are corroborated by other UI indicators as well. The average duration that UI claimants receive benefits has fallen from 13.7 weeks in May 2017 to 13.3 weeks this month; while the share of UI claimants who ran out of UI benefits has fallen by 2.9 percentage points over the same period, to 33.8 percent.
In accordance with the provisions of NRS 612.340 and NRS 35,000 612.545, DETR s chief economist David Schmidt has released the 30,000 latest maximum weekly benefit amount, effective July 1, 2018, and the taxable wage base for 2019, respectively. Based on calendar 25,000 20,000 year 2017 employment and payroll 15,000 data (including reimbursement accounts and excluding tip income), 10,000 the maximum weekly benefit amount has been determined to be 5,000 $450. This is one half of the average weekly wage, $901.70, from 0 2017, rounded down to the nearest dollar. Using the same data, the taxable wage base, from which UI taxes are collected, has been determined to be $31,200. This is two thirds of the average annual wage, $46,766.40, rounded down to the nearest hundred dollars. Nevada Online Job Postings 2012 2013 2014 2015 2016 2017 2018 Job Postings 12-Month Moving Average With real-time labor market information obtained as part of DETR s Silver State Solutions Initiative, we can provide an alternative assessment of the health of the State s economy via an analysis of current online job posting activity 3. Year-to-date through May, 107,000 ads have been posted for jobs in Nevada, an increase of 13,200 from the same period last year. Full time jobs accounted for 84.9 percent of listings so far this year, a decline of 1.4 percentage points from 2017 4. 3 Online job postings are obtained through DETR s Silver State Solutions initiative. Online job posting volume does not necessarily correlate with the level of job openings or hiring. Internal company hiring and union hiring are often not captured by online ads. High ad volume often occurs for occupations/ industries that are having difficulty finding qualified candidates, high turnover positions/recurring openings, or when companies are building large candidate pools. Online job postings should only be used with caution when developing/analyzing time series trends due to the constant changes in the rate of online advertising usage and in the methods used for collecting the data. 4 Not all job ads specify whether the advertised position is full-time or part-time.
Nevada Labor Market Briefing: May 2018 Special Topics
Nevada s Economy Has Grown in Each of the Past 18 Quarters Nevada s gross domestic product (GDP) totaled over $131 billion (in 2009 $s) in 2017:IVQ Nevada s GDP growth, at 4.2% in 2017:IVQ, has exceeded the nation s for six consecutive quarters gross domestic product; millions of 2009 $; seasonally adjusted annual rates $145,000 $140,000 $135,000 $130,000 $125,000 $120,000 $115,000 $110,000 $105,000 Nevada's Gross Domestic Product '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 y/y growth gross domestic product 6% 4% 2% 0% -2% -4% -6% -8% -10% year-over-year growth
Nevada Maintains Highest Private Sector Job Growth in the U.S. Through 2017 Nevada led the nation in privatesector job growth in 2017 Employment up 38,600 from 2016, a growth rate of 3.4 percent states with private sector employment growth less than Nevada 50 40 30 20 10 50 46 U.S. Private Sector Growth Rankings 14 14 24 38 49 48 47 50 0 2 0 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Nevada s Small Businesses Continue Adding Jobs As of 2017:IVQ, employment in Nevada s small businesses totaled 632,000 28 consecutive quarters of annualized growth Nearly 46,000 more jobs than previous peak in 2007 jobs 650,000 630,000 610,000 590,000 570,000 550,000 530,000 510,000 490,000 470,000 450,000 Employment in Firms with Less Than 100 Employees '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17
Average Weekly Wages Reach New High As of 2017:IVQ, average weekly wages reached a record-high of $955 An increase of $31 or 3.3% over the year $1,000 $950 $900 $850 $800 $750 Average Weekly Wages in Nevada 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% Wages have increased 6.2% since 2014, while consumer prices grew by just 4.3% over the same period $700 $650 $600 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 percentage change average weekly wage -2.0% -4.0% -6.0%
Nevada Private Sector Business Establishment Openings Trending Up; Outpacing U.S. as a Whole Nevada added 4,200 new business establishments during 2017:IIIQ Openings have exceeded 4,000 in each of the past six quarters 2011:IQ = 100 150 140 130 120 110 100 90 80 IQ IIQ IIIQ IVQ IQ IIQ IIIQ IVQ IQ IIQ IIIQ IVQ IQ IIQ IIIQ IVQ IQ IIQ IIIQ IVQ IQ IIQ IIIQ IVQ IQ IIQ IIIQ Business Establishment Openings '11 '12 '13 '14 '15 '16 '17 Nevada U.S.
Nevada s Retail Employment More than Doubles since 1990, as National Employment Sees Modest Growth Nevada s retail trade employment more than doubled from 1990 to 2018 Strongest gain in the nation Clothing and accessories stores saw the largest gain, followed by general merchandise stores retail trade employment index (Jan 1990 = 100) 250 200 150 100 50 0 '90 '92 Retail Trade Growth: Nevada vs. U.S. '10 '08 '06 '04 '02 '00 '98 '96 '94 Nevada U.S. '12 '14 '16 '18
Relationship between Various Employment Estimates Varies Over Time CES and LAUS programs both estimate monthly employment Due to varied definitions and scope, LAUS employment estimates are usually larger During boom years ahead of recessions, trend flips and CES estimates surpass LAUS difference between LAUS and CES (positive when LAUS is larger), employment in thousands 100 80 60 40 20 0-20 -40-60 -80 Seasonally-Adjusted Employment Estimates from LAUS and CES Programs '90 '92 '94 '96 '98 '00 '02 Recession U.S. Recession Difference (Left Axis) CES LAUS '04 '06 '08 '10 '12 '14 '16 '18 1,600 1,400 1,200 1,000 800 600 400 200 0 employment (in thousands)
Jobless Rate for Teens and Young Adults Now Below Pre-recession Level 48.4% of unemployed teens and young adults (16-24 years old) have a High School diploma, 26.6% less than a High School diploma, 22.4% some college or associate degree, and 2.6% a Bachelor s degree or higher education unemployment rate; 12-month moving average Unemployment Rates by Age Group in Nevada 25% 20% 15% 10% 5% 0% '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 16-24 25-34 35-44 45-54 55+ total rate
Full Time Employment in Nevada Reaches a New All Time High 1,112,190 Nevadans are employed full time (working 35 hours or more per week), a record high 299,210 Nevadans are employed part time employed; 12-month-moving average 1,200,000 1,000,000 800,000 600,000 400,000 200,000 0 Full Time and Part Time Employment in Nevada 95 00 05 10 15 18 full time part time
Nevadans Employed Part Time for Economic Reasons Trending Down Involuntary part time workers averaged 54,350 over the past 12 months Down 28.8%, or 22,000, from the previous period A decline of 51,100 from the height of the employed part time for economic reasons; 12-month moving average 115,000 105,000 95,000 85,000 75,000 65,000 55,000 45,000 35,000 25,000 Involuntary Part Time Workers in Nevada recession 15,000 95 00 05 10 15 18
NEVADA Employment & Unemployment May 2018 Employment Growth M/M Y/Y Y/Y% Nevada -0.7 37.4 2.8% (Seasonally Adjusted) Nevada 6.6 37.6 2.8% (Non-Seasonally Adjusted) United States 223 2,363 1.6% (Seasonally Adjusted) (Employment in thousands) Unemployment Rates: Nevada Statewide 4.8% (Seasonally Adjusted) Nevada Statewide 4.2% (Non-Seasonally Adjusted) United States 3.8% (Seasonally Adjusted) Employment estimates are produced by the Current Employment Statistics program. Labor Force estimates are produced by the Local Area Unemployment Statistics program. Research and Analysis Bureau, Nevada Department of Employment, Training and Rehabilitation operates these programs in cooperation with the U.S. Department of Labor, Bureau of Labor Statistics. Telephone (775) 684-0450
Nevada Labor Force Summary Statewide (Estimates In Thousands) May-18 May-17 CHANGE % CHANGE Apr-18 Seasonally Adjusted LABOR FORCE 1492.1 1458.4 33.7 2.3% 1488.9 EMPLOYMENT 1420.4 1384.1 36.3 2.6% 1415.8 UNEMPLOYMENT 71.8 74.4-2.6-3.6% 73.1 UNEMPLOYMENT RATE 4.8% 5.1% ------ ------ 4.9% Non-Seasonally Adjusted LABOR FORCE 1495.1 1458.0 37.1 2.5% 1494.0 EMPLOYMENT 1432.7 1386.0 46.7 3.4% 1422.3 UNEMPLOYMENT 62.4 72.0-9.6-13.4% 71.7 UNEMPLOYMENT RATE 4.2% 4.9% ------ ------ 4.8% UNEMPLOYMENT RATES BASED ON UNROUNDED DATA Employment adjusted by census relationships to reflect number of persons by place of residence. Information compiled by DETR's Research & Analysis Bureau
Seasonally Adjusted Establishment Based Industrial Employment Nevada Statewide Total All Industries (Estimates In Thousands) May-18 May-17 CHANGE % CHANGE Apr-18 1374.2 1336.8 37.4 2.8% 1374.9 Natural Resources & Mining 14.4 14.1 0.3 2.1% 14.4 Construction 88.4 83.7 4.7 5.6% 89.6 Manufacturing 53.3 46.7 6.6 14.1% 52.8 Durable Goods 35.1 29.2 5.9 20.2% 34.6 Non-durable Goods 18.2 17.5 0.7 4.0% 18.2 Trade, Transportation & Utilities 253.8 247.5 6.3 2.5% 252.6 Wholesale 35.3 36.1-0.8-2.2% 35.7 Retail 147.4 145.7 1.7 1.2% 146.8 Transportation, Warehousing & Utilities 71.1 65.7 5.4 8.2% 70.1 Information 14.5 14.9-0.4-2.7% 14.4 Financial Activities 66.3 64.8 1.5 2.3% 66.0 Real Estate & Rental Leasing 29.7 28.7 1.0 3.5% 29.5 Professional & Business Services 184.7 181.1 3.6 2.0% 184.9 Professional, Scientific and Technical 59.0 56.1 2.9 5.2% 58.8 Management of Companies and Enterprises 26.7 25.0 1.7 6.8% 26.5 Administrative & Support and Waste Mgt. 99.0 100.0-1.0-1.0% 99.6 Education and Health Services 138.2 133.2 5.0 3.8% 137.6 Educational Services 14.2 13.4 0.8 6.0% 14.0 Health Care and Social Assistance 124.0 119.8 4.2 3.5% 123.6 Leisure and Hospitality 351.9 350.1 1.8 0.5% 354.5 Arts, Entertainment and Recreation 32.0 30.9 1.1 3.6% 31.7 Accommodation and Food Service 319.9 319.2 0.7 0.2% 322.8 Other Services 42.8 40.8 2.0 4.9% 42.5 Government 165.9 159.9 6.0 3.8% 165.6 Federal 19.1 18.8 0.3 1.6% 19.1 State 42.9 40.5 2.4 5.9% 43.1 Local 103.9 100.6 3.3 3.3% 103.4
Total All Industries Goods Producing Non-Seasonally Adjusted Establishment Based Industrial Employment Nevada Statewide (Estimates In Thousands) May-18 May-17 CHANGE % CHANGE Apr-18 1380.4 1342.8 37.6 2.8% 1373.8 155.5 144.8 10.7 7.4% 155.7 Natural Resources & Mining 14.4 14.0 0.4 2.9% 14.3 Metal Ore Mining 11.1 11.1 0.0 0.0% 11.2 Construction 87.7 84.2 3.5 4.2% 88.7 Construction of Buildings 15.3 13.6 1.7 12.5% 15.0 Specialty Trade Contractors 64.5 62.3 2.2 3.5% 65.7 Manufacturing 53.4 46.6 6.8 14.6% 52.7 Durable Goods 35.2 29.1 6.1 21.0% 34.6 Miscellaneous durable goods 7.1 7.1 0.0 0.0% 7.1 Other Miscellaneous (Includes Slot Mfg.) 6.4 6.4 0.0 0.0% 6.5 Non-durable Goods 18.2 17.5 0.7 4.0% 18.1 Service Providing 1224.9 1198.0 26.9 2.2% 1218.1 Private Service Providing 1056.3 1036.0 20.3 2.0% 1050.6 Trade, Transportation & Utilities 252.4 245.7 6.7 2.7% 250.1 Wholesale 35.3 36.1-0.8-2.2% 35.6 Retail 146.8 144.3 2.5 1.7% 145.3 Food & Beverage Stores 23.9 23.5 0.4 1.7% 23.7 Health and Personal Care Stores 9.4 9.3 0.1 1.1% 9.4 Transportation, Warehousing & Utilities 70.3 65.3 5.0 7.7% 69.2 Utilities 4.0 4.1-0.1-2.4% 4.0 Transportation & Warehousing 66.3 61.2 5.1 8.3% 65.2 Air Transportation 7.2 7.0 0.2 2.9% 7.2 Transit and Ground Passenger 13.0 13.6-0.6-4.4% 13.0 Taxi and Limousine Service 8.5 9.2-0.7-7.6% 8.6 Information 14.6 15.2-0.6-3.9% 14.5 Telecommunications 4.0 4.0 0.0 0.0% 4.0 Financial Activities 66.3 65.1 1.2 1.8% 65.7 Finance and Insurance 36.2 36.1 0.1 0.3% 36.3 Credit Intermediation and Related Activities 19.9 19.5 0.4 2.1% 19.8 Real Estate & Rental Leasing 30.1 29.0 1.1 3.8% 29.4 Professional & Business Services 185.3 181.5 3.8 2.1% 184.4 Professional, Scientific and Technical 58.9 55.7 3.2 5.7% 59.2 Management of Companies 26.7 25.0 1.7 6.8% 26.4 Administrative & Support and Waste Mgt. 99.7 100.8-1.1-1.1% 98.8 Administrative & Support Services 96.0 97.3-1.3-1.3% 95.3 Employment Services 21.5 22.5-1.0-4.4% 21.0 Education and Health Services 138.6 133.2 5.4 4.1% 137.8 Educational Services 14.3 13.4 0.9 6.7% 14.2 Health Care and Social Assistance 124.3 119.8 4.5 3.8% 123.6 Ambulatory Health Care Services 55.7 52.6 3.1 5.9% 55.2 Hospitals 31.2 30.7 0.5 1.6% 31.1 Leisure and Hospitality 355.9 354.2 1.7 0.5% 355.5 Arts, Entertainment and Recreation 32.7 31.8 0.9 2.8% 32.0 Amusement, Gambling, and Recreation Industries 25.0 24.8 0.2 0.8% 24.7 Accommodation and Food Service 323.2 322.4 0.8 0.2% 323.5 Accommodation 192.1 193.4-1.3-0.7% 192.4 Casino Hotels and Gaming 183.6 186.3-2.7-1.4% 183.8 Casino Hotels 174.0 176.4-2.4-1.4% 174.2 Gaming Industries 9.6 9.9-0.3-3.0% 9.6 Food Services and Drinking Places 131.1 129.0 2.1 1.6% 131.1 Full-Service Restaurants 61.4 62.6-1.2-1.9% 62.4 Limited-Service Restaurants 54.9 51.7 3.2 6.2% 54.1 Other Services 43.2 41.1 2.1 5.1% 42.6 Government 168.6 162.0 6.6 4.1% 167.5 Federal 19.0 18.8 0.2 1.1% 18.9 State 44.5 41.3 3.2 7.7% 44.6 Local 105.1 101.9 3.2 3.1% 104.0
2018 Seasonally Adjusted Industrial Employment (Estimates In Thousands) Nevada Statewide JAN FEB MAR APR MAY JUN JUL AUG SEPT OCT NOV DEC AVERAGE Total All Industries 1364.3 1370.2 1371.7 1374.9 1374.2 1371.1 Natural Resources & Mining 14.3 14.4 14.5 14.4 14.4 14.4 Construction 89.2 89.9 90.8 89.6 88.4 89.6 Manufacturing 51.2 51.6 52.2 52.8 53.3 52.2 Durable Goods 33.2 33.6 34.1 34.6 35.1 34.1 Non-durable Goods 18.0 18.0 18.1 18.2 18.2 18.1 Trade, Transportation & Utilities 252.5 252.8 252.6 252.6 253.8 252.9 Wholesale 36.2 36.2 35.6 35.7 35.3 35.8 Retail Trade 146.8 146.4 147.1 146.8 147.4 146.9 Transportation, Warehousing & Utilities 69.5 70.2 69.9 70.1 71.1 70.2 Information 14.3 14.2 14.3 14.4 14.5 14.3 Financial Activities 65.3 66.2 66 66 66.3 66.0 Real Estate & Rental Leasing 29.3 29.9 29.7 29.5 29.7 29.6 Professional & Business Services 183.3 183.6 183.6 184.9 184.7 184.0 Professional, Scientific and Technical 57.1 57.9 57.9 58.8 59.0 58.1 Management of Companies and Enterprises 26.0 26.4 26.3 26.5 26.7 26.4 Administrative & Support and Waste Mgt. 100.2 99.3 99.4 99.6 99.0 99.5 Education and Health Services 137.3 138.3 137.9 137.6 138.2 137.9 Educational Services 13.9 14.1 14.2 14 14.2 14.1 Health Care and Social Assistance 123.4 124.2 123.7 123.6 124.0 123.8 Leisure and Hospitality 350.1 352.4 353.5 354.5 351.9 352.5 Arts, Entertainment and Recreation 31.4 31.6 31.9 31.7 32.0 31.7 Accommodation and Food Service 318.7 320.8 321.6 322.8 319.9 320.8 Other Services 42.0 42 42.4 42.5 42.8 42.3 Government 164.8 164.8 163.9 165.6 165.9 165.0 Federal 19.0 19 19 19.1 19.1 19.0 State 44.2 43.3 42.6 43.1 42.9 43.2 Local 101.6 102.5 102.3 103.4 103.9 102.7 Detail may not add due to rounding. This report reflects non-ag employment by place of work. It does not necessarily coincide with labor force concept. Includes multiple jobholders. May-18 Information compiled by DETR's Reseach & Analysis Bureau
2018 Non-Seasonally Adjusted Industrial Employment (Estimates In Thousands) Nevada Statewide JAN FEB MAR APR MAY JUN JUL AUG SEPT OCT NOV DEC AVERAGE Total All Industries 1346.2 1356.6 1363.7 1373.8 1380.4 1364.1 Goods Producing 150.5 151.4 154.3 155.7 155.5 153.5 Natural Resources & Mining 14.1 14.2 14.3 14.3 14.4 14.3 Metal Ore Mining 11.1 11.2 11.1 11.2 11.1 11.1 Construction 85.7 85.8 87.8 88.7 87.7 87.1 Construction of Buildings 14.2 14.3 14.7 15.0 15.3 14.7 Specialty Trade Contractors 63.7 63.9 65.4 65.7 64.5 64.6 Manufacturing 50.7 51.4 52.2 52.7 53.4 52.1 Durable Goods 32.8 33.4 34.1 34.6 35.2 34.0 Computer & Electronic Products 7.1 7.1 7.2 7.1 7.1 7.1 Other Miscellaneous,Includes Slot Mfg. 6.4 6.5 6.5 6.5 6.4 6.5 Non-durable Goods 17.9 18.0 18.1 18.1 18.2 18.1 Service Providing 1195.7 1205.2 1209.4 1218.1 1224.9 1210.7 Private Service Providing 1032.7 1037.9 1042.0 1050.6 1056.3 1043.9 Trade, Transportation & Utilities 251.4 249.1 249.6 250.1 252.4 250.5 Wholesale 35.7 35.7 35.4 35.6 35.3 35.5 Retail 146.5 143.5 144.8 145.3 146.8 145.4 Food & Beverage Stores 23.6 23.5 23.6 23.7 23.9 23.7 Health and Personal Care Stores 9.4 9.4 9.4 9.4 9.4 9.4 Transportation, Warehousing & Utilities 69.2 69.9 69.4 69.2 70.3 69.6 Utilities 4.1 4.0 4.0 4.0 4.0 4.0 Transportation & Warehousing 65.1 65.9 65.4 65.2 66.3 65.6 Air Transportation 7.2 7.2 7.2 7.2 7.2 7.2 Transit and Ground Passenger 13.2 13.1 13.1 13.0 13.0 13.1 Taxi and Limousine Service 8.8 8.7 8.6 8.6 8.5 8.6 Information 14.2 14.2 14.2 14.5 14.6 14.3 Telecommunications 4.0 4.0 4.0 4.0 4.0 4.0 Financial Activities 64.7 65.9 65.8 65.7 66.3 65.7 Finance and Insurance 36.0 36.4 36.4 36.3 36.2 36.3 Credit Intermediation & Related 19.7 19.8 19.8 19.8 19.9 19.8 Real Estate & Rental Leasing 28.7 29.5 29.4 29.4 30.1 29.4 Professional & Business Services 181.4 181.6 181.9 184.4 185.3 182.9 Professional, Scientific and Technical 56.5 58.3 58.3 59.2 58.9 58.2 Management of Companies 26.0 26.3 26.2 26.4 26.7 26.3 Administrative & Support and Waste Mgt. 98.9 97.0 97.4 98.8 99.7 98.4 Administrative & Support Services 95.3 93.4 93.9 95.3 96.0 94.8 Employment Services 21.3 20.0 20.4 21.0 21.5 20.8 Education and Health Services 135.9 138.2 137.5 137.8 138.6 137.6 Educational Services 13.8 14.4 14.5 14.2 14.3 14.2 Health Care and Social Assistance 122.1 123.8 123.0 123.6 124.3 123.4 Ambulatory Health Care Services 54.4 54.9 54.5 55.2 55.7 54.9 Hospitals 31.2 31.3 31.2 31.1 31.2 31.2 Leisure and Hospitality 343.9 347.4 351.0 355.5 355.9 350.7 Arts, Entertainment and Recreation 30.3 30.7 31.6 32.0 32.7 31.5 Amusement, Gambling, and Recreation 23.7 23.9 24.5 24.7 25.0 24.4 Accommodation and Food Service 313.6 316.7 319.4 323.5 323.2 319.3 Accommodation 188.7 189.9 191.9 192.4 192.1 191.0 Casino Hotels and Gaming 181.0 182.3 184.0 183.8 183.6 182.9 Casino Hotels 171.4 172.6 174.3 174.2 174.0 173.3 Gaming Industries 9.6 9.7 9.7 9.6 9.6 9.6 Food Services and Drinking Places 124.9 126.8 127.5 131.1 131.1 128.3 Full-Service Restaurants 59.5 60.4 60.3 62.4 61.4 60.8 Limited-Service Restaurants 50.9 51.9 52.7 54.1 54.9 52.9 Other Services 41.2 41.5 42.0 42.6 43.2 42.1 Government 163.0 167.3 167.4 167.5 168.6 166.8 Federal 18.7 18.7 18.7 18.9 19.0 18.8 State 41.4 44.5 44.4 44.6 44.5 43.9 Local 102.9 104.1 104.3 104.0 105.1 104.1 Detail may not add due to rounding. This report reflects non-ag employment by place of work. It does not necessarily coincide with labor force concept. Includes multiple jobholders. Information compiled by DETR's Reseach & Analysis Bureau May-18
2018 LABOR FORCE SUMMARY DATA (Estimates In Thousands) Nevada Statewide JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC AVG NEVADA SA* LABOR FORCE 1476.4 1480.4 1484.9 1488.9 1492.1 EMPLOYMENT 1404.2 1407.9 1411.9 1415.8 1420.4 UNEMPLOYMENT 72.1 72.5 73.0 73.1 71.8 UNEMPLOYMENT RATE 4.9% 4.9% 4.9% 4.9% 4.8% NEVADA NSA** LABOR FORCE 1475.7 1491.9 1494.4 1494.0 1495.1 EMPLOYMENT 1398.3 1416.9 1420.2 1422.3 1432.7 UNEMPLOYMENT 77.4 75.0 74.2 71.7 62.4 UNEMPLOYMENT RATE 5.2% 5.0% 5.0% 4.8% 4.2% Note: Unemployment rates are based on unrounded data. Employment adjusted by census relationships to reflect number of persons by place of residence. *Seasonally Adjusted **Non-Seasonally Adjusted May-18